The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to bounce back to its second lowest session since May 23, when its lowest since May 19, 2017 was tested against the US dollar on the brink of developments And economic data expected Friday by the economies of the euro area and the US economy the largest economy in the world.
At 5:10 am GMT, the EURUSD rose 0.03% to 1.1132, compared to the opening at 1.1129, after reaching the lowest level at 1.1125, while reaching a high of 1.1140.
The markets for Germany, the biggest economy in the euro area, are looking for a reading of the Retail Sales Index, which could reflect a 0.4% rise from 0.2% in March. The same index may rise 1.3% against 2.1% On inflation data for Germany with the release of the preliminary reading of the consumer price index, which may reflect a slowdown in growth to 0.3% compared to 1.0% in April.
This comes before we see Italy, the third largest economy in the region disclosing the final reading of GDP for the first quarter, which may reflect 0.1% growth, unchanged from the previous preliminary reading and 0.2% annual growth, also unchanged from the preliminary reading, to reveal From Italy's consumer price index, which may reflect a stable pace of growth at 0.3%, unchanged from April.
On the other hand, investors are currently looking for the US economy to reveal their spending and personal income data, which may reflect a slowdown in personal spending growth to 0.2% from 0.9% in March, and personal income growth accelerated to 0.3% from 0.1% Core personal consumption expenditure rose 0.2% against stability at zero levels.
This comes ahead of the Chicago PMI reading, which may extend to 55.1 versus 52.6 last April, before the final reading of the University of Michigan Consumer Confidence Index, which may reflect a contraction of the widening to 102.0 compared to the initial reading of the month May at 102.4 and 97.2 in April.
(FOMC) and Federal Reserve Bank of New York Chairman John Williams at the event hosted by the Bank of New York Federal Reserve, where he will deliver a speech under the title "Theory and Practice of Monetary Policy and Minimum Interest Rates," hours after the second reading of the output Gross domestic product widest economy of the world 3.1% during the first quarter.
Technical Analysis
The EUR / USD pair continues to decline to close to the 1.1100 level, and the price is under continuous negative pressure coming from the SMA 50. The bearish trend remains likely over the short term and intraday basis, with a break below 1.1000. 1.1180 and 1.1260 were not breached.
The trading range for today is expected between 1.1050 and 1.1200 support.
The general trend for today is bearish.